@Steven Yang Welcome Steven, if you want to get your first deal I certainly don't recommend quitting your day job before doing so....you'll need to be a successful agent for atleast a couple of years to qualify for conventional loans. :)

Awesome...I have a pickup and was considering doing the demo with a buddy...Thank you for your response.

@Kevin Yang Potentially.

@Wei Jie Yang I'd agree with @Odie Ayaga most HML's that I've ever come across or done business with lend to an LLC, you should work with a CPA or attorney as I am neither but it sounds like an LLC would be your best course of action.

If you don’t have a new Tenant lined up, and plan on white boxing yourself-demo is the cheap part usually.

However, after demo and planning stages, it was evident that our local trades (elec, plumbing, etc) were way beyond our budget, with little competition in our rural area. 

The way I bid is they can choose whatever finish they want on a specific item and I cap it, anything over is extra, (i.e. 10/sf for tiles and finish material up to $3/sf), it means that if they order a $8/sf travertine, they'll add $5/sf as a change order, that way they can choose whatever they want.To the OP, a list of scope without corresponding line bid is dangerous, that is why your lender require it, they could charge you 45k demo and 10k everything else to arrive at the total 55k, it's called front loading, and it is legal but unethical.

As Demos suggested don't jump into a high priced program until you have a better focus on what you want to be doing.You have a lot of time to figure this out... take your time, study, ask lots of questions... and Best of Luck!

I'm current starting the demo phase my first new build and I looking for a little insight .  

We start demo tomorrow morning!